Study on TPP benefits ‘picking up pace’
THAILAND is speeding up its evaluation of the case for joining the Trans Pacific Partnership (TPP) after the trade pact was thrown into doubt by the withdrawal of the United States, a source at the Commerce Ministry said.
Among the issues being looked into in a study led by the ministry is the amendment of trade laws that may be required by participation in the pact.
The source said the ministry had hired the Panyapiwat Institute of Management to conduct the study, which focuses on the benefits Thailand would gain from TPP participation.
The source added that after the US pulled out from the deal, the remaining 11 TPP nations were revising the accord details and conditions to reflect the absence of the driving force behind the trading bloc. The source said the nub of the issue came down to what Thailand would get from the TPP without the leadership role of the US and after the Kingdom had already secured a range of multilateral and bilateral free-trade agreements. In the next few years, an Asean-Canada free-trade agreement is expected to be signed, adding to the network of trade deals that connects Thailand with key trade partners.
Thailand has reserved its position on whether to join the TPP, awaiting the findings of the Commerce Ministry study.
The remaining TPP nations are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Issues for discussion by these countries include any revisions to the pact’s rules on state procurement process, intellectual property and matters concerning the origins of products. Some of the TPP countries had made concessions in order to gain access to the US market. However, these conditions need to be renegotiated following US President Donald Trump’s decision to withdraw his country from the agreement.
